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- Jain urged Indian banks to adopt technologies such as AI and blockchain.
- He also explored risk management strategies aimed at promoting sustainable growth and stability.
The central bank of India has proposed that banks integrate artificial intelligence and blockchain technology to attain sustainable growth and maintain stability. Deputy Governor Mahesh Kumar Jain, during a conference hosted by the Reserve Bank of India (RBI) for bank directors, led a discussion on risk management strategies focused on achieving sustainable growth and stability.
Governance in Banks: Driving Sustainable Growth and Stability – Speech delivered by Shri M K Jain, Deputy Governor, Reserve Bank of India at the Conference of Directors of Banks organised by the RBIhttps://t.co/Ft4Kv68X0T
— ReserveBankOfIndia (@RBI) May 31, 2023
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Jain highlighted the importance of strong corporate governance and its function in proactively managing future risks. He suggested that banks tackle the various risks arising from technology, business, and operations by focusing their efforts on adopting and integrating innovative technologies.
Following its launch on November 1, India’s central bank digital currency began testing for offline functionality in March. Ajay Kumar Choudhary, an executive director at the RBI, indicated that India intends to use its CBDC as a means of exchange.
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